Entries by Genworth Mortgage Insurance

Ask an RU: Contingent Liability Basics

You’re reviewing the loan file and notice a line item under liabilities that indicate John and Jane Smith are co-signers on their son’s car loan. What you’ve just uncovered is a contingent liability. No need to raise the alarm or stop the file – there are just a few things to know about contingent liabilities […]

[Ask an RU]: Demystifying Interested Party Contributions, Financing Concessions and Sales Concessions

Ever get confused over what the difference is between financing concessions and sales concessions? How about if it’s considered a seller contribution or a seller concession? What is an interested party contribution and what does it mean for the loan? These are just some of the questions the Regional Underwriting team frequently fields. In this […]

[New Loan Officer Series] Discussing Interest Rate with Customers

When working with borrowers, interest rate will be an important discussion factor. But before you start discussing rate with customers, let’s make sure you know the basics. Interest Rate vs. Annual Percentage Rate Mortgages deal with both interest rates and annual percentage rates (APR). An interest rate is what a borrower pays each year to […]

A Quick Overview of the New URLA

The mortgage industry has been abuzz with talk of the new Uniform Residential Loan Application, more commonly referred to as the URLA or 1003. With its mandatory use date fast approaching (March 1, 2021 in case you’re wondering!), we’re here to give you a quick overview of the application including its purpose and what each section […]